Standard & Poor's Ratings Services placed its ratings on the Sovereign of Iceland on credit watch with negative implications

April 1, 2008- Standard & Poor's Ratings Services placed its long-term ratings on the Sovereign of Iceland on credit watch with negative implications. This news has already been published on Bloomberg and will be published shortly on the Central Bank's website. The current ratings of the Republic of Iceland with Standard & Poor's are A+/A-1' for foreign currency and 'AA/A-1+' for local currency.